We printed way too much SBD during the bull run and now the chickens have come home to roost. The problem with SBD is that it's value doesn't fall fast enough when it's worth significantly more than $1.
By the time SBD reaches a dollar the damage has already been done because the value of Steem has also crashed just as hard. Now we have a ton of SBD debt that we can't really afford to pay back. We've already created 20% inflation in the last year. It's pretty fucked up.